As per the recent data there has been fall in the prices of RMG due to its decreased demand and trend is shifting towards the RMK
New York IFO380 prices on Friday plummeted to a 5 months low at $306 per metric tonne (pmt). As the demand for the 380 cSt RMG product was weak due to the increased interest in higher viscosity RMK material. The change in bunker fuel specification has also started putting pressure on suppliers as they juggle the limited space with increasing selection for ship owners and buyers. On the other hand, some suppliers felt that Emission Control Area (ECA) has no impact on it. But the increased usage from the bigger container vessels takes up huge volumes.
The liking for RMK has increased due to its compliance with the implementation of stringent regulations of ECA along with its economic advantage. The new global bunker fuel specifications released by the International Organization for Standardization (ISO) has set the marine fuel specifications which may take some time for the industry to accept. According to a New York supplier, “Newer ships can burn [RMK], it’s cheaper … less blending, that is the only reason”. The present huge demand for the RMK and the inquiries for the RMG are slowly falling. The data released last week showed that MGO prices in New York slid to a multi-year low of $534.50 pmt.